Saturday, January 14, 2006

Sussex Project Proceeds as Planned

TAMPA, Fla. -- Odyssey Marine Exploration, Inc. confirmed the Company had marine radio communications yesterday with the Guardia Civil based in Andalucia, Spain, while conducting archaeological operations on the site believed to be HMS Sussex.

The Master of the Odyssey Explorer was requested, via ship-to-ship radio transmissions, to appear in Spain to make a statement, apparently relating to the operations of the Odyssey Explorer. However, according to Odyssey's legal counsel in Spain, neither the ship nor the Master of the vessel fall under the jurisdiction of the authorities that delivered the request.

The Odyssey Explorer, Odyssey's 251' deep-ocean archaeological platform, continues to work on the site believed to be HMS Sussex pursuant to the project plan as presented to all appropriate government authorities in Spain, the United States and the United Kingdom.

Odyssey maintains that all activities are being undertaken legally and pursuant to all relevant authorizations necessary for the continuation of these operations. The Company believes that interference with these lawful operations from any entity without jurisdiction would be illegal.

Greg Stemm, Odyssey's co-founder, stated, "We respect international law and have continued the Sussex project based on the official communications that have taken place between the relevant governments and transmitted to Odyssey. We believe we are in good legal standing with all the competent governing authorities that have jurisdiction in this matter, and we intend to continue operations on the shipwreck believed to be HMS Sussex. We are concerned that a significant amount of false and misleading information has been furnished to the Spanish media. Nevertheless, we are steadfast in our resolve to conduct the Sussex excavation according to the approved project plan while attempting to address all reasonable concerns by relevant authorities."

In the mean time, operations continue on the site believed to be HMS Sussex and the Company believes that operational results so far have met all goals set forth in the initial stage of the project plan. Odyssey has submitted these results to the Government of the United Kingdom for approval in order to move to the next stage of the project.

The HMS Sussex was an 80-gun English warship lost in a severe storm in the western Mediterranean in 1694. Research suggests the Sussex was carrying a large cargo of coins when she sank. Odyssey believes it has located the shipwreck of HMS Sussex and has signed an exclusive partnering agreement with the legal owner of the shipwreck, the government of the United Kingdom, for the archaeological excavation of the shipwreck.